How to cancel Bybit leverage

To cancel leverage on Bybit, navigate to the Trading Terminal, access the Position Panel, select the position, adjust leverage to "0x," confirm with a password, and monitor position closure.

Nov 13, 2024 at 03:46 pm

How to Cancel Bybit Leverage

Bybit, a prominent cryptocurrency exchange, offers leverage trading to its users, allowing them to amplify their profits (or losses) by trading with borrowed funds. However, it's crucial to manage leverage cautiously, and understanding how to cancel it is essential for responsible trading.

Steps to Cancel Leverage on Bybit:

1. Log into Your Bybit Account:

• Visit the Bybit website and enter your email address and password to access your account.
• Ensure you have two-factor authentication (2FA) enabled for enhanced security.

2. Navigate to the Trading Terminal:

• From the homepage, click on "Trade" in the top menu bar.
• Select the appropriate trading pair (e.g., BTC/USDT) on the left-hand side.
• The trading terminal will display the order book, chart, and order entry fields.

3. Access the Position Panel:

• At the bottom of the trading terminal, you will see the "Positions" panel.
• This panel displays information about your current open positions, including leverage ratio, liquidation price, and margin balance.

4. Select the Position to Cancel:

• If you have multiple open positions, identify the one you wish to cancel.
• Click on the position to highlight it.

5. Adjust Leverage:

• Below the selected position, you will see the "Leverage" field and a slider.
• Drag the slider to "0x" to cancel the leverage completely.
• You can also enter "0" directly into the leverage field.

6. Confirm Cancellation:

• After adjusting the leverage to "0x," click on the "Close" button to confirm the cancellation.
• A confirmation dialogue box will appear.
• Enter your password to authorize the cancellation.

7. Monitor Position Closure:

• Once you confirm the cancellation, the position will start closing.
• You can track the progress in the "Positions" panel.
• The position will be fully closed when it reaches the liquidation price or when the price moves in your favor.

Additional Considerations:

• Canceling leverage does not guarantee profit or prevent losses.
• It's advisable to cancel leverage when the market is moving against your position to minimize potential losses.
• Always use leverage responsibly and within your risk tolerance.
• Consider using trailing stop-loss orders to mitigate risk and manage your open positions effectively.
• If you encounter any difficulties during the cancellation process, contact Bybit customer support for assistance.